page 163 - Once again the data does not lie. If S=1 then the current saving from households becomes new investment in firms. We can also see that consumer expenditure goes one way, along with employment, while income and final goods and services goes the other. Meanwhile, the feedback mechanism’s role is to open a rift in the earth from which none will escape.

Who is an economist? Here is Keynes’ amazing answer you MUST read!

In 1924 John Maynard Keynes wrote an obituary for a prominent economist and his former tutor and academic patron Alfred Marshall. In this fascinating piece of work Keynes astoundingly mulls over Marshall’s economic scholarship and intellectual life. Joseph Schumpeter, in his obit of Keynes, called this obituary “the most brilliant life of a man of science I have ever read.” (2003: 271).
At the beginning of this essay, Keynes sketches the “ideal type” of an economist, outlining his preferable professional features and personal characteristics. So, who is an economist according to Keynes? Here is his abundant answer:

“The study of economics does not seem to require any specialized gifts of an unusually high order. Is it not, intellectually regarded, a very easy subject compared with the higher branches of philosophy or pure science? An easy subject at which few excel! The paradox finds its explanation, perhaps, in that the master-economist must possess a rare combination of gifts. He must be mathematician, historian, statesman, philosopher—in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past for the purposes of the future. No part of man’s nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near to earth as a politician.”  (Keynes 1924: 321-322)

Well, would you like to evaluate now the suitability of contemporary mainstream economists to this profile?… Well, please do not waste your time. Better read this informative, very interesting, from many perspectives, and beautifully written paper (free access):
Keynes, John M. 1924. “Alfred Marshall, 1842-1924.” The Economic Journal 34 (135): 311-372.

Schumpeter, Joseph. 2003. Ten Great Economists. Simon Publications.

A-Z of Socialism:O is for oppression

September 2008

                                                          By Sally Campbell

One of the common accusations thrown at Marxism by others in the movement is that it is “economistic” - it reduces everything to the economy and class relations and therefore can’t deal adequately with questions of oppression.

On the surface this can seem a reasonable point.

Oppression doesn’t mirror class but cuts across it. All women suffer from sexism, whether an Indonesian factory worker or a highly paid (though not as highly paid as her male counterparts) London City trader. A factory worker’s experience of her oppression, however, is very different to that of a rich woman.

Class shapes every aspect of our lives, and those other unequal human relations - between black and white, men and women, gay and straight - are all rooted in specific forms of class society. So, for example, the role that working class women play for capitalists is clear: they take primary responsibility for childcare (rearing the next generation of workers) and housework (maintaining the current generation of workers - including themselves) and they do it out of love and/or necessity (for free). Ruling class women do not fulfil this role, but rather employ working class women to do it for them.

There is no automatic unity inside oppressed groups because such class divisions exist within them. There have always been ruling class women who, while suffering sexism themselves, have recognised their interest in fighting to maintain their class power. Rich Parisian women celebrated the arrival of troops to smash up the Paris Commune by poking women communards in the eyes with their umbrellas.

Margaret Thatcher suffered torrents of sexist abuse, but it didn’t stop her thwarting millions of working class women with her policies; Condoleezza Rice certainly could not be said to be helping raise the position of black people or women in the US or anywhere else in the world.

Equally there is no automatic unity between different oppressed groups - because women are oppressed and Muslims are oppressed it doesn’t mean they will necessarily stand together. In fact, the opposite can be the case, as people who are under attack may hit out at those considered below them. The pressure of the ruling ideas - which seek to separate us into different and competing groups and unite us with “our” rulers - is strong.

Another reason for the perception of Marxism as economistic is the distorted form of it created by Stalinism. In order to justify the rigidly hierarchical USSR they had to rip the heart, guts and brain out of Marxism and put together a rigid “theory” which put economic development above all else.

Marx does start from the “economic base” of society, but by this he means nothing more or less than the production and reproduction of life itself. Human beings have always laboured collectively in order to feed, clothe and house themselves, and the way in which they do this - whether in pre-class hunter-gatherer societies or advanced capitalism - shapes everything else about that society, from politics to art to how we bring up children.

But this is not a one-way process: the need of a ruling class to maintain its position can hold back further developments in the economic sphere; political struggles can open the way for new economic developments. Marx’s whole account of history is one in which struggle takes place on many fronts, but the way in which we organise production is the primary factor.  

The working class is strategically important in capitalism because of its collective role in production. Marx didn’t say, “Oppressed peoples of the world unite!”; he said, “Workers of the world unite!” because he saw that this collective force could lead a revolution which could liberate all of humanity.

Despite the backward ideas which may exist among workers - sexism, racism, homophobia, etc - there is nonetheless a pressure for unity because of all workers’ common economic interest. Taking collective action means standing alongside black workers, women workers and immigrant workers.

Starting from a class analysis of oppression is not to downplay it, but to start from our strength as a united class, not our weakness as a divided collection of different people. There is no separate solution for a black boy in south London and a starving woman in Bangladesh: capitalism is the problem and revolution is the answer.

It is the experience of struggle, the feeling of confidence that comes from fighting together, that wins people away from divisive ideas. The experience of revolution does this magnified a thousand times. In the first few months following the Russian Revolution of October 1917 women were granted the right to vote and to stand for office, abortion on demand was legalised, divorce was granted on demand, homosexuality was decriminalised and the peoples of the east were granted freedom of religion and language. A previously anti-Semitic society saw Jews elected to the leadership of the biggest soviets.

This wasn’t the result of enlightened Bolsheviks passing policy on behalf of backward people, but rather the active involvement of the mass of people in shaping their own lives. The details of everyday life, in which reside our most intimate experiences of oppression - the husband who beats you, the racist who bullies you - become questions of public debate which can then begin to be resolved.

Trotsky wrote in 1923 of the difficulty of assessing the changing role of the family through the revolution because “formerly all the troubles and dramatic conflicts in the working class families used to pass unnoticed by the workers themselves; whereas now a large upper part of the workers occupy responsible posts, their life is much more in the limelight, and every domestic tragedy in their life becomes a subject of much comment.”

A revolution which liberates the means of production from the control of a minority also liberates every aspect of our lives, allowing that “jump from the realm of necessity to the realm of freedom”.


See also:-

Further reading:

  • Marxism at the Millenium by Tony Cliff
  • Racism: Myths and Realities by Hassan Mahamdallie in International Socialism 95
  • Material Girls by Lindsey German

aesthetlcs asked:

Hello, I was wondering about an Economics major (Business) and if you know any insight about majoring in it? Is it worth it? Jobs out there for Economics major? Thanks!

Related Careers include:

  • Economists
  • Financial Analysts
  • Financial Managers
  • Management Accountants and Internal Auditors
  • Management Consultants
  • Top Executives
  • Market and Survey Researchers
  • Mathematicians
  • News Analysts, Reporters, and Correspondents
  • Sales Agents and Supervisors
  • Real Estate Brokers and Sales Agents
  • Consultant
  • Market Analysts
  • Public Policy Analysts
  • Research Assistant
  • Teachers, Professors, and Tutors
  • Journalist (for an economics/finance magazine or journal)
  • Systems, Strategy, or Operations Consultants
  • Political Campaign Representatives, Organizers, and Directors

According to the Bureau of Labor Statistics, the average Median Pay for an economist is about $91,860 per year. And the job outlook has an as fast as average growth rate.

For some more insight, check out these links:


shadoedseptmbr asked:

Favorite news source?

Reuters for breaking news. Mass media in Britain is so predatory and acrimonious it is really refreshing to be able to read a news source who simply report the facts and move on, though I have nothing but respect for their analysis department. You don’t have a 150+ year history without doing something right y’know?

With currents affairs analysis you won’t be surprised to know I read The Economist. Part of me suspects I may be stuck in the trap of reading what I agree with rather than what I think is the most reliable, but I have objected to some of their prescriptions to student fees and the NHS  so I guess there’s some hope for me yet. I do however have nothing but praise for their stance on most social issues

International politics, I read from A LOT of journals, mostly strictly academic, with an emphasis on geopolitics. Not as much as I used to though. I crashed out of university a long time ago so my access to those are contingent on whether I can afford them. Goddamn paywalls

Gaming I rife through a variety of sources. Business I use Kotaku for daily fixes, highbrow gaming I go to Kill Screen and Polygon to a certain extent. Eurogamer is my go-to source for everything else, and finally, Critical Distance for analysis roundups and such. You should read that too actually, they have a knack of finding really interesting articles from unobvious sources!

EDIT: Occasionally I read the French press too - not the coffee thing. I picked up the habit of reading ‘Courrier International’ which is a student oriented interpol newspaper when I was in France, and ‘Les Inrockuptibles’ if I want cultural news. I also picked up a REALLY good gaming magazine called ‘IG Magazine’ when I was in France too. Genuinely interesting magazine, on par with EDGE

kissme-cowboy asked:

What jobs can you get if you double major in journalism and political science

Honestly, I would save your time and money and just major in one of those!

Here’s why:

You can honestly get pretty much the same jobs with either a journalism or political science bachelor’s degree. There are very, very few differences in opportunities.

Careers with a journalism degree:

  • Broadcast news reporter
  • News producer
  • News editor
  • News anchor
  • Print reporter
  • Public relations specialist
  • Digital content reporter
  • Advertising copywriter
  • Media buyer
  • Marketing analyst
  • Media relations specialist
  • Communications trainer
  • Political speech writer
  • Campaign director
  • Lobbyist
  • Public information officer

Careers with a political science degree:

  • Government Executive and Legislator
  • Lobbyist
  • News analyst
  • Broadcast news reporter
  • News editor
  • News anchor
  • News producer
  • Print reporter
  • Digital content reporter 
  • News correspondent
  • Political speech writer
  • Public relations specialist
  • Marketing analyst
  • Campaign director
  • Public information officer
  • Political scientist
  • Public interest advocate
  • Economist 
  • Sociologist

Now, if you decided to pursue a master’s degree in political science then the career fields would differentiate greatly. However, with a bachelor’s degree in both fields you will pretty much have the same career opportunities.

I hope this helps you out!

The Economist - May 10th - 16th, 2014

After SHIELD turns out to be mostly HYDRA, public opinion of global intelligence agencies is at an all time low. Cue the mud-slinging.

MediAvengers is an MCU media blog.  Magazine spreads and newspaper articles made by fans, for the fans of the Marvel Cinematic Universe.

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All non-Marvel headlines are from the original real-world issue of the publication. 


basically, what confessions of an economic hitman is about. i read this book years ago, and i find it hard to argue that this not close to what is happening in the world. this clip is made by the renegade economist, who are also behind the four horsemen feature film.


I’m sure that it’s true that adding 10% more workers to London and letting them live like factory hens would make London’s corporations more profitable. Londoners may even acquire more tablet computers and smart phones. Yet our lives would be worse! Already the definition of a kitchen in a flat in Hackney is a line of cupboards down the side of the living room. Just how many times can they divide up these beautiful old houses into smaller and smaller boxes?

The mistake that these economists make is to become totally business centric. Their analysis stops at the profits of business and they fail to follow the process through to ensure that it benefits the population as a whole.

It is notable that the venerable economists who wrote the letter to Mr. Osbourne uttered not a squeak about the corporate profits which are being  filched away overseas to avoid paying tax as was reported in the same edition of the FT. Surely that too is “deeply damaging to the competitiveness of our science and research sectors and the wider economy”.

 On Tuesday, January 14, the Economic Policy Institute released an open letter to President Barack Obama and the leaders of Congress, urging the federal government to raise the minimum wage. The letter was signed by 75 leading economists – including seven Nobel laureates – and backed a plan sponsored by two democratic Congressmen. 

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